In July, the Rocky Mount, NC market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the June 2015. New home closings moved from 7 a year earlier to none after the figure moved from 3 in June 2014 to 1 in June 2015.

New home closings were none out of the 54 total closings, down on a percentage basis from 7 of 138 a year earlier. For new and existing homes, closings declined in July after also declining in June year-over-year.

Other Market Trends

There were no new home closings in July 2015, but average size of newly sold homes was 1,514 a year earlier.

Foreclosures and real estate owned (REO) closings continued to rise in July from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 48.1% of existing home closings, higher than 39.7% a year earlier. The percentage of existing home closings involving foreclosures went from 19.8% in July 2014 to 20.4% in July 2015 and REO closings as a percentage of existing home closings increased to 27.8% from 19.8%.

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